5 Things you should know about the Open Market in Guernsey
Relocating to Guernsey is very straightforward, thanks in part to Guernsey’s two-tier property market. Homes are registered as either being on the Open Market or the Local Market.
The Open Market is the easiest and quickest route to establishing residency in Guernsey for those who do not have any previous family connections with the island or an existing right to live in the Local Market. It is simple, straightforward and quick.
1. Living on the Open Market provides you with flexibility
The Open Market accounts for about 7% of properties on the island and is available to those looking to relocate to the island that do not have access to the Local Market. For those with British or Irish passports or Right of Abode in the UK, buying or renting a property in Guernsey’s Open Market Part A allows you to live in Guernsey indefinitely*.
As they are limited in supply, and due to the flexibility they provide, Open Market properties do tend to be priced higher than those on the Local Market. Registering with local Estate Agents will offer that initial overview of price and availability of property – Locate Guernsey can provide you with a list of agents.
You can also look at the government property price bulletins online:
Residential Property (Housing) Stock and Prices - States of Guernsey
The beauty of the Open Market is its simplicity. Open Market residents can establish a business, work in the island or for an overseas employer if they wish or they may also live off their wealth. There’s also no minimum revenue levels or government assessments required to gain residency.
*Routes are also available for those requiring visas
2. Everyone who lives in Guernsey needs to register with Population Management
Everyone in Guernsey must hold some form of residency certificate or permit to live in Guernsey and this dictates the property market they can live in. Once an Open Market address is secured, residents make a straightforward application for an Open Market Resident’s Certificate via the Population Management Office. As part of the application process, a criminal record check will take place. Open Market residents can also accommodate their immediate and extended family*.
Further information about the practicalities to consider when moving to the island can be found here:
Moving to Guernsey - Practicalities
*subject to visa conditions
3. Tax Capping for Guernsey residents
(Ahead of any relocation we do always strongly suggest seeking tax advice from a Guernsey based specialist. Locate Guernsey can provide you with a list of advisers)
At the time of writing, new Open Market residents can benefit from a tax cap for up to their first four years of residence. The tax cap is currently set at £60,000 per annum and is subject to the following conditions:
An individual must:
- Be principally resident in Guernsey
- Pay £50,000 or more in document duty for the purchase of an Open Market Part A property – at the current rates this equates to a property purchase of about £1.4 million or more
- Make the purchase either 12 months before or after the date of taking up residence in Guernsey
For further information, and details of the other tax caps available, please visit:
4. Extra costs to consider
The sale price of a property in Guernsey is usually split between the land, including its buildings, and its contents.
You’ll need to budget for the following fees when considering your property purchase:
- Document duty - This is the fee payable to the States of Guernsey that is a percentage of the realty price of the property being purchased. Document duty is payable on all property transactions, unless an exception applies. A helpful document duty calculator can be found online - https://www.ogierproperty.com/guernsey/calculators/
- Legal fees - It’s important to get a quote from your advisor from the start as these fees are dependent on the complexity of the transaction and property value. We can provide a list of Guernsey lawyers (known locally as advocates), who will organise the transaction for you.
- Court and Greffe Fees - On completion day, you’ll need to attend Guernsey’s Royal Court with your advocate before you’re handed the keys to your new property. Conveyancing court charges tend to be in the region of £200.
- Survey Costs - These are quoted on a case-by-case basis
Thanks to Guernsey’s low crime rate, insurance costs are pretty low. The island has several insurance specialists who can help with home and contents insurance.
Guernsey doesn’t have a council tax system in place. There is Tax on Real Property (TRP) and parish rates but these are very low compared to rates in the UK.
5. There’s a variety of properties to choose from
Open Market properties are spread across the island. From cosy farmhouses to penthouse apartments, there’s a variety to choose from. It’s a good idea to share your property expectations and requirements with your Estate Agent contacts so they can inform you of relevant properties as they become available.
It’s also important to consider which part of the island you would like to be based in. Guernsey is divided into 10 parishes, each with their own unique character and charm. Some are drawn to the hustle and bustle of St Peter Port, whereas others might enjoy the tranquillity of the more rural parishes of Torteval or St Peters.
If you’re still considering which area of the island is right for you? Read our handy parish guide:
If you are considering relocating to the island, the team at Locate Guernsey are on hand to provide confidential guidance throughout your relocation journey free of charge. If you would like to understand how Guernsey could work for you, please get in touch:
